UK government borrows £23.3 billion in May, highest since 2020
The UK government borrowed £23.3 billion in May 2023, exceeding forecasts by £5.6 billion according to the Office for Budget Responsibility. This marks the highest borrowing for May since 2020 and pushes national debt to 95.1% of GDP. Increased spending on public services and benefits outweighed growth in tax receipts during the month.
Summary by OZbrief Editorial · The Guardian Australia – Business · Source
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Published 19 Jun 2026, 06:30 UTC · Updated 19 Jun 2026, 06:40 UTC
Summary by OZbrief Editorial. Original report: The Guardian Australia – Business. Editorial policy · Corrections
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